Saving

Sarah’s Spending Fast

Happy Monday! Another episode of the Monday Money Tip Podcast is LIVE! It’s a special edition of the Podcast. On today’s episode, we’re sharing Sarah’s story. Sarah went on a spending fast for an entire year. Join us as we share how it changed her and what she learned. In our Current Money Events segment, we’re talking about Christmas spending since we’re only 9 days away from Christmas. Our success story today comes from Nathan, who just wrapped up another I Was Broke. Now I’m Not. Small Group Study at Countryside Church.
 

Find more episodes of the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
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About the Episode: 

  • Today, we’re answering: “I read an article on your website about a person who went on a spending fast. I thought it was fascinating! Can you talk more about this in an upcoming podcast episode?” 
  • In our Current Money Events segment, we’re talking about Christmas spending since we’re only 9 days away from Christmas.
  • Hear a success story from Nathan, who just wrapped up another small group study at Countryside Church. 

Resources:
20/20 Money: Gaining Clarity For Your Financial Future 
Next Steps – 0% Balance Transfer Credit Cards
MMT Podcast – Episode 63: 0% Balance Transfer Credit Cards
Blog Post – Sarah’s Spending Fast
Sarah’s Spending Fast 2.0
Latte Factor – David Bach

Quote of the Day: “No one has ever become poor by giving.” – Anne Frank

The Saving Challenge

Happy Monday! It’s my favorite day of the week because another episode of the Monday Money Tip Podcast is LIVE! How are you when it comes to saving money? Would you say you’re a saver or a spender? Today on the podcast, we’re helping you discover ways to save money so you can break the never-ending cycle of saving and then having a massive expense wreck your progress. In our Current Money Events segment, we’re updating you on my new book, 20/20 Money: Gaining Clarity for Your Financial Future. Our success story today comes from Rallyn, who just paid off two student loans using the debt snowball method!   

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • Today, we’re answering: “I can’t really seem to figure out how to save money! We manage to save up a little bit of money, but then something big seems to always happen and take us back to zero. Can you help me figure out how to overcome this seemingly never-ending cycle?”
  • In our Current Money Events segment, we’re updating you on my new book, 20/20 Money: Gaining Clarity for Your Financial Future.
  • Hear a success story from Rallyn, who just paid off two student loans using the debt snowball method!  

Resources:
Debt Freedom Date Calculator
Pre-Sale: 20/20 Money
IWBNIN Ladder
Known, Upcoming Expense Calculator
MMT Podcast – Episode 61: IWBNIN Ladder – Explained
Next Steps – Online Banks

Quote of the Day: “You can not prosper if you do not save.” – Joe Sangl

401(k)’s Explained

I’m sure by this point you know it is very important to save into a retirement account so that at one point you can stop working. But this can be confusing to navigate when you are unsure of what the different accounts are and how they work. The numbers and letters are thrown around so often it can be easy to feel like you should just KNOW what everything means. But what exactly is a 401(k)?

Simply put, a 401(k) is a retirement savings plan that comes from Section 401 part k of the IRS tax code. It is what is known as a “pre-tax” investment which means that generally you are able to deduct annual contributions on your taxes each year. Once the money is in the account, it grows tax-free until you withdraw the money. At that point, you will have to pay taxes on your initial investment and also any growth that has accumulated.

If your employer has a 401(k) available for you to invest in, most times they will also offer a match up to a certain percentage. For example, some employers may match dollar for dollar up to 6%. So if you invest 6% of your paycheck into your 401(k), your employer will match that 6%. That’s FREE money!

401(k)’s can be a fantastic vehicle to accumulate money for retirement. While it can be confusing with so many different types of accounts the key is to get started saving and never turn back!

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How Interest Rates Work

I’m sure you have seen interest rates on a variety of different credit cards, car loans, student loans or other lines of credit. But what do these numbers mean? An interest rate is simply what you are being charged on a loan. For example, if you take out a $25,000 car loan at 5% interest, you will not only owe the original $25,000, but you will also owe an additional $1,250 in interest over the life of the loan.

Alternatively, interest can work in your favor and tell you how much you will be paid on your money. Different savings accounts, CD’s and investment vehicles tell you exactly how much interest you will be paid by putting your money in that specific account.

If you are looking to find out how you can get interest working in your favor, check out the list of online banks and investment vehicles that we recommend HERE on our website.

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Have A Debt-Free Vacation With This Tool

Are you going to take a vacation this year? My guess is that your answer is YES. You have probably already decided when and where you want to go and have started dreaming about it. Now, how are you going to fund this vacation you’ve dreamed up? If you start planning now, you could fund it with cash!

By planning ahead of time, you can more accurately see just how much each aspect of your vacation will cost. You can anticipate travel, gas, lodging, food, entertainment and other expenses. Once you know how much your vacation is expected to cost, you can save money ahead of time!

We recommend using our Mini-Budget Tool to plan your vacation spending. You can really plan your vacation three different ways to see different scenarios and how they affect your bottom line. If you spend your money on paper, you can stay within budget during the trip.

Setting a budget and planning ahead of time is key to having a debt-free vacation. And I guarantee you, a debt-free vacation is a million times better than the alternative. You can have all the fun with your family without the stress of the incoming credit card bill.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.